Golden Visa programs have recently gained intense interest because they simultaneously provide individuals and their families with secure freedom. Especially considering the difficulties experienced in obtaining a Schengen Area visa over the last five years, this program offers a very suitable solution for those seeking visa-free travel freedom. Families want to secure their children’s education and choose to make their investments through Golden Visa programs.
Although programs providing residency or citizenship through investment are called Golden Visas in Europe, their legal names may vary from country to country. The fundamental right offered by the program to investors is the opportunity to hold a residency card in the respective country. While having residency permits, investors can work, establish businesses, or generate passive income.
Among the European countries granting Golden Visas are Greece, Portugal, Hungary, Bulgaria, Italy, and Latvia; while outside of Europe, Dubai (United Arab Emirates) and the USA also offer residency permits within the scope of Golden Visa programs. We can compare the countries offering different investment options as follows:
Greece Golden Visa is one of the most preferred residency permit programs by Turkish citizens. The advantages offered by real estate investment, the country's proximity to Turkey, and cultural similarities are among the main reasons for this preference. To apply for the program in Greece, a real estate investment of at least 250,000 Euros must be made. A residency card can be obtained within approximately 6 months, and renewable 5-year residency permits are granted to families under the program.
In addition to granting residency permits through real estate investment, Latvia also considers investing at least 50,000 Euros in the capital of a company within the country as part of the Golden Visa. The application process takes approximately 3 months. While a 5-year residency permit is initially obtained under the program, the right to apply for citizenship arises after 10 years of residency.
Bulgaria grants the residency card indefinitely, but the residency card must be renewed every 5 years to verify that the investment is ongoing. The application process takes a maximum of 6 months, and investors are expected to invest at least 512,000 Euros in eligible investment funds and document that they have a source of income above this investment amount.
Portugal abolished the real estate investment option under the Golden Visa program in 2023. Applications are finalized within an average of 1 year due to high volume. To apply for the program, an investment of at least 500,000 Euros must be made in Portugal-based investment or venture capital funds. Unlike other countries, Portugal has a physical presence requirement of at least 7 days in the first year and a total of at least 14 days in each subsequent two-year period.
Hungary grants a total of 20 years of residency cards, structured as 10+10 years, following the investment. 10. The continuation of the investment is proven annually and extended for another 10 years. To apply for the program, an investment of at least 250,000 Euros must be made in real estate funds approved by the National Bank of Hungary. The investment must be kept in the fund for at least 5 years. In the Hungary Golden Visa program, fund investments can be sold after 5 years and 1 day. In this case, the investor's current 10-year residency permit remains valid. Shortly before the end of the initial 10-year period, the residency permit can be extended for another 10 years by making a new fund investment of 250,000 Euros.
Italy grants a 2-year renewable residency permit. At the end of the first 2-year residency permit, this period can be extended for another 3 years. Individuals living in Italy for a total of 5 years gain the right to apply for permanent residency. Under this option, with a minimum investment amount of 2,000,000 Euros, direct investment is made in long-term government bonds issued by the Italian government.
The United Arab Emirates (Dubai) offers investors a 10-year renewable Golden Visa residency permit. The previously applied minimum investment requirement of 750,000 AED in the 2-year investor residency permit program obtained through real estate investment has been lifted. Thus, owners of single-deed real estate can apply for residency regardless of the property value. However, the minimum real estate investment requirement of 2 million AED continues for the 10-year UAE Golden Visa program.
The Trump Gold Card program is among the new generation investor programs aiming to offer investors the right to long-term residency in the USA. Within the scope of the program, a donation of at least 1,000,000 USD must be made. While investors are offered the opportunity to live and establish a business in the USA, the program is targeted to provide an alternative for transition to citizenship in the long term.
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